INTERIM REPORT OF ATRIA PLC 1 JANUARY - 30 SEPTEMBER 2008
IMPROVED MEAT MARKET SITUATION - SATISFACTORY PERFORMANCE BY ATRIA
- growth in sales volumes
- improved profitability in Finland and Russia compared with the first part of
the year
- increases in sales prices
- strategically important acquisition in Moscow.
Atria Group:
Q3/ Q3/ Q1-Q3/ Q1-Q3/
EUR million 2008 2007 2008 2007 2007
---------------------------------------------------------------------------
Net sales 357.7 312.8 995.8 935.1 1,272.2
EBIT 17.2 19.3 34.6 81.3 94.5
Operative EBIT* 18.2 19.9 36.1 47.7 61.4
Operative EBIT % 5.1 6.4 3.6 5.1 4.8
Profit before taxes 14.0 16.1 25.1 69.3 80.6
Earnings per share 0.37 0.41 0.62 2.32 2.56
* Operative EBIT = operating profit excluding significant non-recurring items.
Review Q3/2008
Atria Group's year-on-year net sales rose by 14,4 per cent. Profitability in Q3
improved compared with the first half of the year, but year-on-year
profitability fell clearly. The business operations of AB Ridderheims
Delikatesser are included in the figures for the review period from 1 July 2008.
The business operations of AS Woro Kommerts and AS Vastse-Kuuste Lihatööstus are
included in the Q3 figures from 1 August 2008.
The sales volumes have grown especially in Finland and Russia. Intense growth
combined with good price management improved the earnings, particularly in
Russia.
In Scandinavia, the earnings were hampered by delayed sales price increases not
matching the raw material price increases. In addition, the loss-making
operations of the Lätta Måltider unit had a negative impact on the earnings of
the business area.
The company's performance in Estonia was unsatisfactory. The earnings were
restrained by rising raw material prices and the structure of sales in Valga.
The acquired companies AS Woro Kommerts and AS Vastse-Kuuste Lihatööstus were
profitable in the quarter.
During the review period, Atria announced that it will expand its operations in
Russia through acquisition of the meat processing company OOO Campomos, which
operates in the Moscow and St Petersburg regions. The acquisition was completed
on 15 October 2008.
Atria Finland 1 January - 30 September 2008
Q3/ Q3/ Q1-Q3/ Q1-Q3/
EUR million 2008 2007 2008 2007 2007
---------------------------------------------------------------------------
Net sales 208.3 187.4 591.7 545.7 749.6
EBIT 13.3 13.0 22.1 33.3 43.2
Operative EBIT* 13.3 13.0 22.6 33.3 43.2
Operative EBIT % 6.4 6.9 3.8 6.1 5.8
Atria Finland's Q3 net sales increased by 11.2 per cent and the EBIT improved
slightly year-on-year. Sales prices to retailers have risen by 6-7 per cent from
December 2007. The global pork market has changed from supply-driven to
demand-driven, which has increased export prices. During Q3, the meat exports of
Atria Finland increased.
The summer season was successful. Year-on-year sales volumes rose. The market
shares of cold cuts, meat and sausages sold under the Atria brand improved
markedly. In the summer season, Atria was clearly the market leader in the A
class and traditional grill sausage segments. Poultry sales did not quite
achieve the target. Year-on-year sales volumes increased. Good delivery
reliability contributed to the successful performance in the season.
The situation in the Finnish pork market has shifted from supply-driven to
demand-driven during the summer and autumn, and there's pressure on raw material
prices to increase before year-end. The sales price increase in the first part
of the year did not fully compensate for the rising raw material and
manufacturing costs.
Atria Finland's performance in Q4/2008 will be substantially affected by changes
in the global meat market.
Atria Scandinavia 1 January - 30 September 2008
Q3/ Q3/ Q1-Q3/ Q1-Q3/
EUR million 2008 2007 2008 2007 2007
---------------------------------------------------------------------------
Net sales 124.5 108.6 342.8 341.8 457.8
EBIT 3.9 6.7 15.6 49.4 54.9
Operative EBIT* 4.9 6.7 16.6 14.6 20.5
Operative EBIT % 3.9 6.2 4.8 4.3 4.5
Atria Scandinavia's comparable sales developed favourably, and operative EBIT
for the first three quarters of the year was higher than the operative EBIT for
the comparative period. AB Ridderheims Delikatesser, acquired in the summer, was
consolidated into Atria as of 1 July 2008.
The market shares of cold cuts, cooking sausages and premium cheeses in retail
trade remained stable or improved slightly during the review period (source: AC
Nielsen).
The Q3 earnings were depressed by heavy increases in raw material prices. The
sales price increases during the period partly compensated for the increase in
costs, and further price increases are planned for the final quarter.
The net sales and EBIT of Lätta Måltider were unsatisfactory in the first part
of the year. During the review period, Atria Scandinavia launched an efficiency
programme and decided to transfer the production of sandwiches and salads from
Halmstad to Norrköping. The arrangement affects all employees of the Halmstad
plant, of whom 50 are permanent. This efficiency programme caused a
non-recurrent cost item of approximately one million euro.
The integration of the business operations of Ridderheims, acquired in June
2008, and the establishment of the new Atria Deli business unit are progressing
as scheduled.
Atria Russia 1 January - 30 September 2008
Q3/ Q3/ Q1-Q3/ Q1-Q3/
EUR million 2008 2007 2008 2007 2007
---------------------------------------------------------------------------
Net sales 22.7 15.6 58.3 48.7 65.6
EBIT 1.9 1.1 2.3 3.8 4.3
Operative EBIT* 1.9 1.1 2.3 3.8 4.3
Operative EBIT % 8.4 7.1 3.9 7.8 6.5
Atria Russia's sales increased remarkably during the period, and EBIT took an
upturn. The substantial price increases implemented in the third quarter had a
positive effect on profitability. The market shares of meat products have
developed favourably, and OOO Pit Product's total market share of St
Petersburg's modern retail trade is now nearly 27 per cent.
During the review period, Atria announced that it will expand its operations in
Russia through acquisition of the meat processing company OOO Campomos, which
operates in the Moscow and St Petersburg regions. The main products of Campomos
include meat products and pizzas. Campomos has a production plant and logistics
centre in Moscow and a distribution terminal in St Petersburg. In addition, the
company boasts a pork breeding facility with 2,500 sows. The main market of
Campomos is Moscow, but it is also well-established in St Petersburg and some
other major cities. In 2007, Campomos reported net sales of around EUR 75
million. After the positive development of earnings in the early 2000s, the
company's performance has shown a declining development and it has been
loss-making in recent years. The company's production plant is modern and well
maintained. The transaction's enterprice value is EUR 75 million. The Russian
Competition Authority confirmed the acquisition on 29 September 2008. The
process of consolidating Campomos began on 15 October 2008. Atria aims to have a
positive EBIT in Campomos in the year 2010.
The Gorelovo logistics centre opened after the review period in October. At the
same time, closing down of logistics operations began in central St Petersburg.
The opening of the Gorelovo meat product plant will be postponed to 2009. The
contractor, YIT Rakennus Oy, says that the postponement is due to delayed
completion of the water and drain connection.
Raw material and other costs continued to increase during the review period. The
raw material cost increase is expected to continue for the rest of the year,
which will give pressure to further increases in customer prices.
Atria Baltic 1 January - 30 September 2008
Q3/ Q3/ Q1-Q3/ Q1-Q3/
EUR million 2008 2007 2008 2007 2007
---------------------------------------------------------------------------
Net sales 9.6 6.4 21.5 20.6 26.7
EBIT -0.9 -0.7 -3.1 -3.0 -4.4
Operative EBIT* -0.9 -0.1 -3.1 -1.8 -3.1
Operative EBIT % -9.4 -1.6 -14.4 -8.7 -11.6
In Estonia, Atria's Q3 net sales increased clearly year-on-year. This was a
result of the acquisitions made in June. The process of consolidating AS Woro
Kommerts and AS Vastse-Kuuste Lihatööstus began on 1 August 2008.
The weak performance in the period is explained by increasing raw material
prices and the sales mix. The sales of lower-margin bulk meat goods have
developed more favourably than the sales of meat products. The companies
acquired in July, AS Woro Kommerts and AS Vastse-Kuuste Lihatööstus, generated
positive results in August-September.
The integration of the business operations of the two acquired companies into
Atria has progressed as planned. The organisation was revised at the end of the
review period. Kaido Kaare was appointed General Manager of Atria Estonia, and
Kari Körkkö was appointed the Integration Director of Atria Baltic. Kaido Kaare
is the former Managing Director of AS Wõro Kommerts. Kaido Kaare and Kari Körkkö
report to Juha Gröhn, Atria Baltic Business Area Director.
The integration of business operations is expected to generate cost savings of
EUR 2 million in 2009. The most significant benefits will be gained from the
distribution of work between the plants and the integration of logistic
operations.
The acquisitions considerably improved Atria's possibilities to strengthen its
position in the Estonian market. Atria Estonia's market share is now 22.4 per
cent in cold cuts and 30.6 per cent in cooking sausages (Source: Nielsen, YTD
2008, Jan-Jul).
Events occurring after the review period
The acquisition of Campomos was confirmed on 15 October 2008, and the process of
consolidating Campomos began on the same date.
The Gorelovo logistics centre opened after the review period on 13 October 2008.
The logistics operations in central St Petersburg will be closed down by the end
of October.
Atria Estonia decided on 20th of October to concentrate its slaughtering and
meat cutting operations in Valga. In the future, Valga slaughterhouse will be
supplying meat raw material to all three meat processing factories - Woro,
Vastse-Kuuste and Valga. The number of personnel in the Vastse-Kuuste
slaughterhouse will be decreased by 18 persons, all other activities in
Vastse-Kuuste will remain unchanged.
Investments
Construction work is still ongoing at the meat processing plant in St
Petersburg. The total value of the investment is about EUR 70 million.
The Group's investments during the period totalled EUR 91,3 million.
Personnel
The Group had an average of 5,840 employees (5,900) during the review period.
Personnel by business area:
Atria Finland 2,382 (2,342)
Atria Scandinavia 1,681 (1,772)
Atria Russia 1,291 (1,254)
Atria Baltic 486 ( 532)
Atria Plc's Administration
In its organisation meeting following the Annual General Meeting, Atria Plc's
Supervisory Board re-elected retiring members Matti Tikkakoski and Martti Selin.
Ari Pirkola was appointed the new Chairman of the Supervisory Board, and
Chairman of the Board Martti Selin was reappointed.
Atria Plc's Board of Directors now has the following membership: Chairman Martti
Selin; Vice-Chairman Timo Komulainen; members Tuomo Heikkilä, Runar Lillandt,
Matti Tikkakoski and Ilkka Yliluoma.
Financing
The turmoil in the financial market has effected on the Finnish commercial paper
market. Atria has mainly financed its maturing commercial papers with available
credit limits, of which about EUR 105 million are unutilised. Atria did not sign
any new credit agreements in the third quarter. Therefore, the higher loan
margins have not had a substantial effect on Atria's financial expenses.
The purchase price for Campomos was paid with available cash on 15 October 2008.
The outstanding loans of the acquired companies were carried over in the
transaction.
The increase in interest rates and loan margins, particularly in Russia, will
slightly increase the Group's financing costs after the consolidating of the
acquired companies.
Short-term Business Risks
The prices of Atria's most important raw materials have remained high, and the
development of prices is difficult to predict. The global market situation for
meat raw material has stabilised to some degree, but the short-term price
development is still uncertain.
The Campomos acquisition in Russia involves both opportunities and risks. Atria
has initiated measures to take the acquired company from the red to the black.
In Russia, another significant risk is the delayed start of the meat product
plant in Gorelovo, St Petersburg and its effect on Atria's growth in Russia in
the near future.
The international financial market crisis has an impact on Atria's risks. The
higher cost and lower availability of financing increase the probability of
credit losses and customer bankruptcies. The increased interest rates and loan
margins also affect Atria's financing costs.
Outlook for the Future
Atria Group's net sales are expected to grow in 2008, but the operative EBIT is
predicted to fall substantially compared with 2007. Changes in the global meat
market situation create uncertainty in all of Atria's business areas.
The global economic decline may have some effect on the consumption of food and
on the consumption structure.
Board Authorisations
The General Meeting authorised the Board of Directors to decide, on one or
several occasions, on a share issue involving a maximum of 10,000,000 new Series
A shares at the nominal value of EUR 1.70 per share.
The Board is also authorised to decide on all terms and conditions of the share
issue. The authorisation thus also includes the right to issue shares in
deviation from the proportion of the shares held by the shareholders under the
conditions provided in law, as well as the right to decide on a share issue to
the company itself without payment, subject to the provisions of the Finnish
Companies Act regarding the maximum number of treasury shares held by a company.
The authorisation is intended to be used for the financing or execution of any
acquisitions or other arrangements or investments relating to the company's
business, for the implementation of the company's incentive programme or for
other purposes subject to the Board's decision.
The authorisation is valid until the closing of the next Annual General Meeting,
or until 30 June 2009, whichever occurs first. The authorisation does not repeal
the Board's current authorisation to decide on a reserve increase.
The General Meeting of 3 May 2007 authorised the Board of Directors to decide,
on one or several occasions, on a reserve increase, which may increase the
company's share capital by a maximum of EUR 850,000. The authorisation is valid
for a maximum of five years from the date of the General Meeting's decision.
Purchase of treasury shares
Based on the authorisation of the AGM on 29 April 2008, Atria Plc's Board of
Directors decided to purchase up to 300,000 A shares of the company. In
accordance with the authorisation, the shares to be purchased are intended to be
used as consideration in possible company acquisitions or other arrangements
relating to the company's business, for the financing of investments, for the
implementation of the company's incentive programme, for improvement of the
company's capital structure, or to be kept by the company, otherwise assigned or
cancelled.
The shares will be purchased at the market price of the time of acquisition
through public trade on the Nasdaq OMX Helsinki Ltd. The acquisition of treasury
shares begins no earlier than 29 September 2008 and ends no later than 30 June
2009.
KEY FIGURES
EUR million 1-9/08 1-9/07 1-12/07
Equity/share, € 16.73 16.52 16.77
Interest-bearing liabilities 407.4 332.5 321.9
Balance sheet total 1,081.4 994.8 1,000.7
Equity ratio (%) 43.2 47.1 47.6
Gross investments 91.3 262.9 284.1
Gross investments,
% of net sales 9.1 28.1 22.3
Average number of personnel 5,840 5,900 5,947
Accounting Principles
This interim report has been compiled in accordance with the IAS 34 Interim
Financial Reporting standard. The firm has applied the same principles in
preparing this interim report as in preparing the 2007 annual financial
statements. This interim report is unaudited.
ATRIA PLC
CONSOLIDATED BALANCE SHEET
Assets
mill. EUR 30-9-08 30-9-07 31-12-07
Non-current assets
Property, plant
and equipment 486.8 443.4 455.6
Goodwill 162.8 149.4 151.8
Other intangible assets 75.7 69.5 64.3
Loan assets and
other receivables 46.7 42.8 43.6
Investments 8.5 7.3 8.7
Total 780.5 712.4 724.0
Current assets
Inventories 104.8 92.8 87.3
Trade and
other receivables 170.4 147.1 153.8
Cash in hand
and at bank 25.7 42.5 35.6
Total 300.9 282.4 276.7
Total assets 1 081.4 994.8 1 000.7
Equity and liabilities
mill. EUR 30-9-08 30-9-07 31-12-07
Equity
Shareholders' equity 465.7 467.0 474.1
Minority interest 1.8 1.9 1.9
Equity, total 467.5 468.9 476.0
Non-current liabilities
Interest-bearing
liabilities 165.4 272.8 194.1
Deferred tax liabilities 45.0 45.0 42.8
Other non-interest-bearing
liabilities 1.1 0.3 0.3
Total 211.5 318.1 237.2
Current liabilities
Interest-bearing
liabilities 242.0 59.7 127.8
Trade and
other payables 160.4 148.1 159.7
Total 402.4 207.8 287.5
Liabilities, total 613.9 525.9 524.7
Total equity and
liabilities 1 081.4 994.8 1 000.7
CONSOLIDATED INCOME STATEMENT
mill. EUR 7-9/08 7-9/07 1-9/08 1-9/07 1-12/07
Net sales 357.7 312.8 995.8 935.1 1 272.2
Expenses -328.7 -281.6 -925.3 -820.1 -1 133.2
Depreciations -11.8 -11.9 -35.9 -33.7 -44.5
Operating profit 17.2 19.3 34.6 81.3 94.5
* % of Net sales 4.8 6.2 3.5 8.7 7.4
Financial income and
expenses -3.7 -3.2 -10.1 -12.0 -14.3
Income from associates 0.5 0.6 0.4
Profit before tax 14.0 16.1 25.1 69.3 80.6
* % of Net sales 3.9 5.1 2.5 7.4 6.3
Income taxes -3.5 -4.3 -7.5 -9.7 -13.0
Profit for the period 10.5 11.8 17.6 59.6 67.6
* % of Net sales 2.9 3.8 1.8 6.4 5.3
Profit distribution for
the accounting period:
To parent company
shareholders 10.5 11.6 17.6 58.7 66.7
To minority shares 0.2 0.9 0.9
Total 10.5 11.8 17.6 59.6 67.6
Basic earnings/share, € 0.37 0.41 0.62 2.32 2.56
Diluted
earnings/share, € 0.37 0.41 0.62 2.32 2.56
CALCULATION OF CHANGES IN SHAREHOLDERS' EQUITY
mill. EUR Equity belonging to the shareholders of the parent Mino Share
company rity holders'
inte equity
Share Share Fair Inv. Trans Retained Total rest in total
capital premium value non- lation earnings
fond rest. diff.
equity
cap.
Shareholders'
equity
1-1-2007 39.3 138.5 0.7 128.1 306.6 5.8 312.4
Translation
differences -1.3 -1.3 -0.1 -1.4
Other changes 0.2 0.2 -4.7 -4.5
Profit for
the period 58.7 58.7 0.9 59,6
Distribution
of dividends -13.7 -13.7 -13.7
Share issue 8.8 110.2 -2.5 116.5 116.5
Shareholders'
equity
30-9-2007 48.1 138.5 110.4 -0.6 170,6 467,0 1,9 468,9
Shareholders'
equity
1-1-2008 48.1 138.5 1.9 110.5 -3.4 178.5 474.1 1.9 476.0
Translation
differences -4,6 -4.6 -0.1 -4.7
Other changes -1.8 0.2 -1.6 -1.6
Profit for
the period 17.6 17.6 17.6
Distribution
of dividends -19.8 -19.8 -19.8
Shareholders'
equity
30-9-2008 48.1 138.5 0.1 110.7 -8.0 176,3 465.7 1.8 467.5
CASH FLOW STATEMENT
mill- EUR 1-9/08 1-9/07 1-12/07
Cash flow from operating activities
Operating activities 45.7 61.7 92.3
Financial items
and taxes -23.5 -26.4 -28.4
Cash flow from operating activities,
total 22.2 35.3 63.9
Cash flow from investing activities
Tangible and
intangible assets -60.8 -61.9 -92.1
Investments -0.4 -0.9 -1.4
Sold shares in subsidiaries 33.0 39.1
Bought shares in subsidiaries -35.5 -123.6 -124.6
Cash flow from investing activities,
total -96.7 -153.4 -179.0
Cash flow from financing activities
Cash share issue 116.5 116.5
Loans drawn down 130.7 254.2 304.1
Loans repaid -46.4 -232.1 -292.1
Dividends paid -19.8 -13.7 -13.7
Cash flow from financing,
total 64.5 124.9 114.8
Change in liquid funds -10.0 6.8 -0.3
SEGMENT-SPECIFIC INFORMATION
GEOGRAPHICAL
mill. EUR 7-9/08 7-9/07 1-9/08 1-9/07 1-12/07
Net Sales
Finland 208.3 187.4 591.7 545.7 749.6
Scandinavia 124.5 108.6 342.8 341.8 457.8
Russia 22.7 15.6 58.3 48.7 65.6
Baltic 9.6 6.4 21.5 20.6 26.7
Eliminations -7.4 -5.2 -18.5 -21.7 -27.5
Total 357.7 312.8 995.8 935.1 1 272.2
EBIT
Finland 13.3 13.0 22.1 33.3 43.2
Scandinavia 3.9 6.7 15.6 49.4 54.9
Russia 1.9 1.1 2.3 3.8 4.3
Baltic -0.9 -0.7 -3.1 -3.0 -4.4
Unallocated -1.0 -0.8 -2.3 -2.2 -3.5
Total 17.2 19.3 34.6 81.3 94.5
Operative EBIT
Finland 13.3 13.0 22.6 33.3 43.2
Scandinavia 4.9 6.7 16.6 14.6 20.5
Russia 1.9 1.1 2.3 3.8 4.3
Baltic -0.9 -0.1 -3.1 -1.8 -3.1
Unallocated -1.0 -0.8 -2.3 -2.2 -3.5
Total 18.2 19.9 36.1 47.7 61.4
Segment reporting was redefined from the beginning of 2008 onwards in such a
manner that each business area (Finland, Scandinavia, Russia and the Baltic
countries) forms a segment. In addition, Group costs are now reported separately
in unallocated items. Group costs mainly consist of personnel and administration
costs as well as costs arising from the share-based payment plan. Previously,
Group costs have been included in the figures reported for the segment Finland.
Comparative figures have been adjusted to correspond to the current segment
structure.
LIABILITIES
mill. EUR 30-9-08 30-9-07 31-12-07
Debts with mortgages or other collateral
given as security
Loans from financial
institutions 6.0 61.5 13.5
Pension fund loans 4.2 4.8 4.6
Total 10.2 66.3 18.1
Mortgages and other securities given
as comprehensive security
Real estate mortgages 6.0 77.7 22.0
Corporate mortgages 6.3 27.5 2.2
Total 12.3 105.2 24.2
Guarantee engagements not included
in the balance sheet
Guarantees 6.5 3.6 3.6
ACQUIRED OPERATIONS
RIDDERHEIMS
Atria Scandinavia's strategy is to focus on products with a higher degree of
processing. The acquisition of Ridderheims supports this strategy. The
acquisition strengthens Atria's position in the fresh delicatessen market, which
is currently one of the fastest growing segments in the consumer goods industry.
Ridderheims' operations are to be merged with the operations of Falbydgens Ost,
a business unit of Atria Scandinavia. These will together comprise the Atria
Deli business unit. The merger creates the finest and most comprehensive range
of fresh delicatessen products in the Nordic countries and paves the way for
increased exports for both companies. Ridderheims currently exports its products
to eleven countries. The merger will allow it to increase its Swedish sales and
exports even further, as Atria has a strong position and network of distributors
in Finland, Denmark, the Baltic States and Russia. At the same time,
Ridderheims' distribution network will enable Falbygdens Ost to export more of
its products.
Furthermore, the acquisition will generate savings, as products which
Ridderheims used to buy from subcontractors can now be manufactured in Atria's
plants.
Ridderheims' net sales for the previous financial year were EUR 54.4 million and
EBIT stood at EUR 1.9 million.
Acquiree's
Fair current
value book value
Assets
Property, plant and
equipment 5,7 5,7
Goodwill 12,0
Other intangible assets 10,5
Current assets 8,0 8,0
Cash and cash equivalents 2,4 2,4
Total assets 38,6 16,1
Liabilities
Deferred tax liabilities 3,0
Interest-bearing liabilities 2,6 2,6
Other liabilities 7,6 7,6
Total liabilities 13,2 10,2
Net assets 25,4 5,9
Purchase price 25,4
Cash and cash equivalents of acquired company 2,4
Effect on cash flow 23,0
VASTSE-KUUSTE LIHATÖÖSTUS AND WORO KOMMERTS
Atria complements and expands its current product range for retail customers in
Estonia. Combined with the operations of Woro and Vastse-Kuutse, AS Valga
Lihatööstus is the second largest player in the Estonian meat processing market,
with net sales of about EUR 42 million. The merger will generate significant
synergies and help establish a firmer foothold in the market.
In the previous financial year, the companies posted net sales of EUR 18.6
million and EBIT stood at EUR 0.9 million.
Acquiree's
Fair current
value book value
Assets
Property, plant and
equipment 4,8 4,8
Goodwill 5,7
Other intangible assets 2,9
Current assets 3,1 3,1
Cash and cash equivalents 2,6 2,6
Total assets 19,1 10,5
Liabilities
Interest-bearing liabilities 1,2 1,2
Other liabilities 2,8 2,8
Total liabilities 4,0 4,0
Net assets 15,1 6,5
Purchase price 15,1
Cash and cash equivalents of acquired company 2,6
Effect on cash flows 12,5
Calculation has been made as a draft.
ATRIA PLC
Board of Directors
For further information, please contact Matti Tikkakoski, President and CEO,
tel. +358 50 2582.
DISTRIBUTION
Nasdaq OMX Helsinki Ltd
Major media
www.atria.fi
The interim report will be mailed to you upon request and is also available on
our website at www.atria.fi/konserni.
Stock exchange releases | 24.10.2008